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Monday, July 22, 2024

Vietnam, Israel aim to boost bilateral trade to US$3 billion

The Saigon Times

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HCMC – Minister of Industry and Trade Nguyen Hong Dien emphasized that the joint efforts to foster trade liberalization will have positive effects on Vietnam-Israel trade growth, with projected revenues reaching US$3-4 billion in the upcoming years.

This statement was made at the Vietnam-Israel Business Forum recently held in Hanoi. The event was co-chaired by Minister Dien and Israeli Minister of Economy and Industry Nir Barkat.

Minister Dien highlighted that the newly signed Vietnam-Israel Free Trade Agreement (VIFTA) would create opportunities and mutual benefits for businesses in both nations.

Vietnam-Israel relations have yielded favorable outcomes in bilateral cooperation, particularly in trade and investment. Two-way trade between Vietnam and Israel surged from a mere US$1.2 billion in 2019 to US$2.22 billion in 2022, reported the Ministry of Trade and Industry.

Israel is Vietnam’s fifth largest trading partner and third largest export market in the Middle East. Globally, Israel ranks 33rd among Vietnam’s 200 trade partners.

Opportunities remain for enhancing Vietnam-Israel trade cooperation, said Tran Quang Huy, director of the Asian-African Market Department under the Ministry of Industry and Trade. He urged Vietnamese and Israeli businesses to bolster trade promotion activities, emphasizing the ministry’s and relevant agencies’ increasing attention to this matter.

As of July 20, Israel has initiated 40 foreign direct investment projects in Vietnam, with combined capital exceeding US$140 million, securing the 47th place among the 148 nations and territories investing in Vietnam.

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